Federal Long Term Care InsuranceFederal Long Term Care Insurance underwritten by John Hancock |
The Federal Government has contracted with John Hancock to provide long term care insurance to it's employees.
| Federal Long-Term Care Insurance Program Re-Opens
The Office of Personnel Management (OPM) announced that open season for the Federal Long-Term Care Insurance Program will run from April 4 through May 27. Active federal employees, their spouses and same-sex domestic partners who currently are not enrolled can apply under abbreviated underwriting rules and will have to provide only limited health information. Retirees and other qualified relatives will undergo a longer review of medical and health history in the application process. The program does not offer certain discounts available from individual policies sold by insurance agents. “If you are married and in good health, you may be able to get more coverage for less cost,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance. Coverage will begin on the first day of the month after an application is approved, and premiums will be based on the enrollee’s age and option selected, according to the notice. |
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Advantages
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Disadvantages
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| Long Term Care Insurance (Federal) | Abbreviated underwriting (only during open enrollment, full underwriting other times). | Use it or lose it. Not Partnership qualified. Only 90-day waiting period/deductible (no waiver available). No shared plan. No preferred health. No spousal discount. Higher cost monthly payments. |
| Long Term Care Insurance (not Federal)
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Partnership asset protection. Shared or individual benefits. More choices; waiver for waiting period, multiple payment options. Lower cost. | Use it or lose it. Like health, car, or homeowners insurance, if you don't use it the insurance company keeps your money. |
| Annuity or Life Insurance with a long term care rider | Not use it or lose it, you will get your money back. Annuity and some life plans have 100% return of premium. | Large up-front premiums. Not Partnership. |
We provide quotes from all the major companies and help you apply for approval. The premiums are no different from us or any other agent, agency, or company. With us you can apply by phone, email, mail or meet with one of our trusted financial partners.
Begin by getting a quote. You can also call or email us
with any questions you may have, our toll free number is 1-888-582-2464.
We are here to help you with your long term care planning.
